Specifically, the regulator ânow demand that operators of virtual curr ency platforms implement âreal-name systemsâ that require users to register their real names, according to new provisions,â an excerpt from the report added.

Further, banks will also be required to report âsuspiciousâ transactions that are anonymous, to the regulator. The amendments, Taiwanâs Ministry of Justice (MoJ) said, align the countryâs laws with international anti-money laundering norms.

The revisions follow a pointed proposal by Taiwanese lawmaker Jason Hsu who, in October, sought to enforce a similar framework used by the EUâs Anti-Money Laundering Directive.

Hsu, a congressman from Taiwanâs Nationalist Party, has advocated against calls for a cryptocurrency ban and instead called on Taiwan to take a different position to the hostile stances taken by neighbouring China and South Korea.

âJust because China and South Korea are banning, doesnât mean that Taiwan should follow suit â" there is a huge opportunity for growth in t he future,â Hsu said in a parliamentary session last year. âWe should emulate Japan, where they treat cryptocurrency as a highly regulated, highly monitored industry like securities.â

As reported in October, the chairman of Taiwanâs FSC has also revealed that the regulator is preparing guidelines for regulating initial coin offerings (ICOs) in the country.